Thursday, March 21, 2013

Deadlines have been set. Ultimatums have been delivered. The EU has given Cyprus until Monday to come up with €5.8bn to part fund its own bailout or have its financial lifeline cut off by the European Central Bank.

The Financial Times says "Could the crisis over a bailout for Cyprus end with the Cypriot and Russian governments establishing a much closer political and security relationship?

As the debacle over the island’s finances continues, that question is on the minds of western diplomats, some of whom wonder whether the Kremlin could use the island to challenge their security interests in the eastern Mediterranean".

Has we have already stated power relations in the eastern Mediterranean are being tested.

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